October 18, 2013 |
WASHINGTON -- The flow of federal economic data is set to resume next week, highlighted by the release of the delayed September jobs report, as federal employees are back at work following the end of the partial government shutdown. But it could take months to return to normal as the 16-day shutdown prevented federal workers from collecting and analyzing economic information needed for future reports. The delays are causing problems for Federal Reserve policymakers and probably will force them to postpone a decision on reducing a key stimulus program until early next year.
October 9, 2013 |
WASHINGTON -- President Obama on Wednesday announced the nomination of Janet L. Yellen to be the first woman head of the Federal Reserve, calling her "one of the nation's foremost economists and policymakers" who would be a champion for American workers. Flanked at a White House ceremony by the nominee and outgoing Fed Chairman Ben S. Bernanke, Obama said Yellen was committed to the central bank's dual mandate of stable prices and maximum employment. But Obama stressed Yellen's concern for one part of that mandate -- reducing unemployment -- as he and she emphasized that the work of recovering from the Great Recession was not over.
September 23, 2013 |
WASHINGTON -- A top Federal Reserve policymaker said Monday that the economy still wasn't strong enough in two key areas to begin tapering the central bank's bond-buying stimulus program, particularly with budget and debt-limit fights looming. "In my view, the economy is slowly healing," William C. Dudley, president of the Federal Reserve Bank of New York, said in a speech at Fordham University. "But, while significant progress has been made since the end of the recession, there remain a number of headwinds that have offset the improvement in the underlying fundamentals," he said. "In my view, the economy still needs the support of a very accommodative monetary policy.
September 16, 2013 |
WASHINGTON - To many investors and economists, the prospects for a new Federal Reserve chief became clearer - and brighter - after former Treasury Secretary Lawrence H. Summers dropped out of contention for the post. The same can't be said for the lackluster U.S. economy. Even if former UC Berkeley economist Janet L. Yellen, now the Fed's vice chair, gets the nod as the next leader of the central bank, she will inherit a job that is getting only more difficult. With productivity gains weak, the housing market showing signs of cooling and another nasty Washington fight looming over the debt limit and the budget, Yellen and her colleagues are looking at a very uncertain economy as they head into an important two-day policy-setting meeting Tuesday.
September 13, 2013 |
WASHINGTON - Two momentous decisions involving the Federal Reserve are coming to a head, with significant implications for the U.S. and global economies. Janet L. Yellen, a former UC Berkeley economist, stands in the middle of both of them. As vice chair of the central bank, Yellen will take a leading role next week, when policymakers decide whether to start rolling back the Fed's massive monetary stimulus after several years of providing extraordinary support for the weak economy.
September 6, 2013 |
WASHINGTON -- The top-line number in the August jobs report was roughly in line with expectations, but economists digging into the details Friday saw bad signs that could give Federal Reserve policymakers concerns about reducing their stimulus efforts this month. "The dirt is in the details, and these are very dirty details," said Diane Swonk, chief economist at Mesirow Financial. "It's going to muddy the debate about what the Fed does. " The 169,000 net new jobs added to the economy in August was near the consensus estimate of 175,000.